NY A10591

Amends Section 4-A-108 of the Uniform Commercial Code to clarify the relationship between Article 4-A and the federal Electronic Fund Transfer Act (EFTA).

Establishes that Article 4-A generally does not apply to funds transfers governed by the EFTA, except for remittance transfers as defined in 15 U.S.C. Section 1693o-1.

Specifies that Article 4-A applies to remittance transfers unless they qualify as electronic fund transfers under 15 U.S.C. Section 1693a.

Provides that when Article 4-A applies to a funds transfer, any conflicting provisions of the EFTA take precedence.

Takes effect immediately upon enactment.